F.V. MGT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
F.V. MGT
Largest movements
- Financial fixed assets -€4.0m
down €4.0m (-76.1%), from €5.3m to €1.3m
- Receivables within one year -€1.2m
down €1.2m (-26.9%), from €4.6m to €3.3m
of which Other amounts receivable: -€1.3m
- Cash +€545,023
up €545,023 (+6,037%), from €9,029 to €554,051
mainly Investment in fixed assets (net) (+€3.9m) and Receivables within one year (+€1.2m)
- Tangible fixed assets -€313,154
down €313,154 (-4.5%), from €7.0m to €6.7m
of which Land and buildings: -€300,993
- Reserves -€3.7m
down €3.7m (-31.8%), from €11.5m to €7.8m
- Debts after one year -€956,842
down €956,842 (-18.7%), from €5.1m to €4.2m
- Other debts -€313,206
down €313,206 (-33.0%), from €949,920 to €636,714
- Financial charges +€3.3m
up €3.3m (+2,174%), from €150,792 to €3.4m
of which Non-recurring financial charges: +€3.2m
- Other operating charges +€372,442
up €372,442 (+353%), from €105,410 to €477,852
- Depreciation +€197,552
up €197,552 (+112%), from €175,915 to €373,467
- Gross operating margin +€144,789
up €144,789 (+28.7%), from €504,493 to €649,281
- Staff costs -€30,868
down €30,868 (-48.3%), from €63,883 to €33,016
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,219,238 | €13,213,242 | -€5.0m | -27.5% |
| Fixed assets | 21/28 | €12,280,965 | €7,960,311 | -€4.3m | -35.2% |
| Tangible fixed assets | 22/27 | €7,012,939 | €6,699,785 | -€313,154 | -4.5% |
| Land and buildings | 22 | €6,949,788 | €6,648,795 | -€300,993 | -4.3% |
| Plant, machinery and equipment | 23 | €42,689 | €34,840 | -€7,849 | -18.4% |
| Furniture and vehicles | 24 | €20,462 | €16,149 | -€4,312 | -21.1% |
| Financial fixed assets | 28 | €5,268,026 | €1,260,526 | -€4.0m | -76.1% |
| Current assets | 29/58 | €5,938,273 | €5,252,930 | -€685,343 | -11.5% |
| Stocks and contracts in progress | 3 | €1,358,000 | €1,358,000 | = | 0.0% |
| Stocks | 30/36 | €1,358,000 | €1,358,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,571,244 | €3,340,879 | -€1.2m | -26.9% |
| Trade receivables | 40 | €36,087 | €74,424 | +€38,337 | +106% |
| Other amounts receivable | 41 | €4,535,157 | €3,266,454 | -€1.3m | -28.0% |
| Cash at bank and in hand | 54/58 | €9,029 | €554,051 | +€545,023 | +6,037% |
| Total equity and liabilities | 10/49 | €18,219,238 | €13,213,242 | -€5.0m | -27.5% |
| Equity | 10/15 | €11,540,887 | €7,878,206 | -€3.7m | -31.7% |
| Contributions | 10/11 | €37,248 | €37,248 | = | 0.0% |
| Reserves | 13 | €11,503,638 | €7,840,958 | -€3.7m | -31.8% |
| Distributable reserves | 133 | €11,503,638 | €7,840,958 | -€3.7m | -31.8% |
| Amounts payable | 17/49 | €6,678,351 | €5,335,035 | -€1.3m | -20.1% |
| Amounts payable after more than one year | 17 | €5,118,312 | €4,161,470 | -€956,842 | -18.7% |
| Financial debts | 170/4 | €5,118,312 | €4,161,470 | -€956,842 | -18.7% |
| Amounts payable within one year | 42/48 | €1,550,695 | €1,173,565 | -€377,130 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €532,857 | €455,175 | -€77,682 | -14.6% |
| Financial debts | 43 | €8,384 | €3,333 | -€5,050 | -60.2% |
| Credit institutions | 430/8 | €8,384 | €3,333 | -€5,050 | -60.2% |
| Trade debts | 44 | €22,450 | €64,293 | +€41,843 | +186% |
| Suppliers | 440/4 | €22,450 | €64,293 | +€41,843 | +186% |
| Taxes, remuneration and social security | 45 | €37,084 | €14,050 | -€23,035 | -62.1% |
| Taxes | 450/3 | €36,779 | €14,050 | -€22,729 | -61.8% |
| Remuneration and social security | 454/9 | €306 | - | -€306 | |
| Other amounts payable | 47/48 | €949,920 | €636,714 | -€313,206 | -33.0% |
| Accrued charges and deferred income | 492/3 | €9,344 | - | -€9,344 | |
| Remuneration, social security and pensions | 62 | €63,883 | €33,016 | -€30,868 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,915 | €373,467 | +€197,552 | +112% |
| Other operating charges | 640/8 | €105,410 | €477,852 | +€372,442 | +353% |
| Gross operating margin | 9900 | €504,493 | €649,281 | +€144,789 | +28.7% |
| Operating profit (loss) | 9901 | €159,285 | -€235,053 | -€394,339 | |
| Financial income | 75/76B | €8,139 | €23,490 | +€15,352 | +189% |
| Recurring financial income | 75 | €8,139 | €23,490 | +€15,352 | +189% |
| Financial charges | 65/66B | €150,792 | €3,428,592 | +€3.3m | +2,174% |
| Recurring financial charges | 65 | €150,792 | €188,235 | +€37,444 | +24.8% |
| Non-recurring financial charges | 66B | - | €3,240,357 | +€3.2m | |
| Profit (loss) for the period before taxes | 9903 | €16,632 | -€3,640,155 | -€3.7m | |
| Income taxes | 67/77 | €11,500 | €22,526 | +€11,026 | +95.9% |
| Profit (loss) for the period | 9904 | €5,132 | -€3,662,681 | -€3.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,132 | -€3,662,681 | -€3.7m |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.